Melbourne’s rental market tightens, with some areas in ‘crisis’

Rental Vacancy Rate Report

Melbourne followed the national trend, with vacancy rates falling in most capital cities in February. Hobart’s vacancy rate is still the tightest in Australia, staying steady at a record-low 0.2 per cent, while Adelaide at 0.3 per cent and Perth and Canberra at 0.5 per cent were also at their lowest recorded point. Sydney also saw a major shift, with a 1.7 per cent vacancy rate, down from 2.6 per cent last year.

A number of factors were causing Melbourne’s vacant rental numbers to drop, including in inner-city areas, where the vacancy rate peaked at 14.4 per cent in October 2020 when interstate and international borders closed. “Our vacancy rate is dropping quite a bit,” Mr Labza said. “A lot of interstate people and younger people are coming back to Richmond. Uni students are slowly coming back.”

Ms Ferraro said many of the people moving into the inner-city suburbs were young professional couples looking to move in together for the first time.

Domaincomau Without public housing numbers rising, what can one expect...........manipulated market by the state labor government.

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Fashion and food festivals bump some Queen Victoria Market tradersSome traders will have to relocate or take a break so that two of Melbourne’s biggest festivals can set up at the Queen Victoria market | carawaters MartaPascual3 carawaters MartaPascual3 NOT FAIR!! Those poor traders have had to survive, somehow, through all our lockdowns, NOW when they can finally start making a little money, they get shoved aside! carawaters MartaPascual3 That's their fulltime business boys you start fkn them around like that and I guarantee you they won't be back.
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